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-to-face, president obama and house speaker john boehner sit down for a one-on-one over the weekend. there are just three weeks left before the u.s. goes over the fiscal cliff. >>> italian shares are down nearly 3% this morning. for the most part, it is bank stocks leading the way down. we're now down about 2.76% on the ftse mib. bank stocks have been hit particularly hard this morning. earlier, we saw shares down 5.6%. we're seeing the same thing, whether it's bmps hitting session lows down nearly 6% comes amid concerns about leadership and economic reform in italy following mario monte's announcement that he'll resign once the budget has been passed. this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to y
not believe -- you can say the same thing for the obama white house -- they think america's undertaxed and the tax rates can go dramatically higher despite these examples in europe without it hurting economic growth. i think they are completely wrong. i think you can draw just the opposite conclusion of what's going on in europe. but apparently we're going down that route anyway. >> isn't that why president obama wants to raise the tax rate? he raises the tax rate in order to spend. seems to me that taxing and spending is his mantra, just like the east european mantra and the california and new york -- why would you want to raise the tax rate $1.6 trillion if youp didn didn't want to spe? that's a big number. >> it is. jared bernstein was in "the new york times" complaining about the tax cutting in this country over the past 30 years. and jared says, we've gutted the tax code, we're just not getting enough revenue for all the spending we want. >> i would gut the tax code of all its special deductions and loopholes and whatnot and take the rate down to about 15%. i am a flat tax guy. wh
/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with abc news, president obama says he still expects a deal before the end of the year. >> i remain optimistic that there are enough people of goodwill who recognize the economy will be better off. american families will be better off if we get this done. the most important thing we can do is make sure that middle-class taxes do not go up on january 1. i'm confident that republicans would not hold middle-class taxes hostage to try to protect tax cuts for high income individuals. >> you see president obama's full interview wit
, president obama and house speaker boehner spending a sunday together to talk about the fiscal cliff. no word on any progress and the president will be in detroit today to speak about the economy. joining us right now is cnbc's chief washington correspondent john harwood. john, you had a great column over the weekend in the in, times whether you took a look back at what happened in 1990 where things were set up for a grit debate but maybe things were easier at that point because you didn't have the 24-hour news cycle. you had other things that made it easier the last time around. what does that lead us to think this time around? >> well, there are ways in which it was more difficult, as you just alluded to, becky. but there are a lot of similarities, too. there are warnings that the economy is going to take a huge hit if a multi year budget deal was not enacted. you had a republican party led by a president who had made a no tax pledge and who was trying to figure out a way out of that. when he finally did that, that's when the negotiations took on a faster pace. and i do think here the fact
. president obama meeting with the house speaker boehner in a closed door session over the weekend. yesterday in fact. trying to hammer out a deal. we hope you watch the redskins win over the ravens there in the last minute. president set to speak later at an auto plant in michigan about his planes it raise taxes on the rich. our chief political correspondent live at the white house with the latest. hi, john. >> hi, tyler. it is glammy and overcast in washington today but everybody is looking for bright signs about the fiscal cliff. we have a bright side yesterday when john boehner came here to the white house. house speaker to talk to president obama. first individual one on one meeting since the election and that meeting and some other signals that have been sent publicly by both parties have caused some noted skeptics of us getting a fiscal cliff deal. >> i think the atmospherics are getting so much better. we've gotten out after ka bookie theater and gone to dancing the tango with those two guys. any time you start to tango, you have a chance. >> chances of getting it done now are better.
of u.s. stocks next. >>> and as the fiscal cliff turns, president obama campaign style once again today. this time in michigan. that after talking with house speaker john boehner over the weekend. their firps one on one in weeks. is that why republicans are saying they would swallow higher taxes for the right deal on spending cuts? we'll talk to tom cole who is making that case in just a few minutes. >>> bmw and mercedes are looking for the best selling luxury brand in the united states. wait until you hear what your money can get you these days. you're watching cnbc. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is q rea this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> is the u.s. consumer in trouble? the front page on this morning's "wall
done heading in to the new year. >> we stay bullish. >> president obama and house speaker john boehner spoke by phone wednesday, but there's been no announcement by either side of any upcoming face to face budget talks. earlier the president told the business round table a deal to avoid the fiscal cliff could be reached quickly if republicans drop their opposition to raising tax rates on the wealthy. in an interview on cnbc, timothy geithner says the gop is making a little bit of progress, but the white house is absolutely ready to go over the cliff if tax rates on the top 2% don't rise. >> i want to understand the administration's position when it comes to raising taxes on the wealthy, those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. >> with both sides in washington publicly digging in their heels, how much will the fiscal cliff impact the credit mar
point the leadership ip the senate and the house will sign onto expending president obama's eidea to take over. >> he will set the tone for whatever the issue will be. i'm not sure i would use a retre retreat. >> would a resection about extending the tax cuts. >> i can't answer that question. when did we stop talking about who those people paying the taxes would be. many of those almost one miggion are small business people and not create more jobs hurting economic growth and i think that is what you have to focus on when you talk about race iing w. >> i understand the point. in these negotiations the pras seems to have the or the rich t cuts. >> we haven't tualked enough about what it will mean to the economy. we have to care about who gets hit by it. we have to begin thinking about it. >> not an ees asy thing to do. we called it decoupling. again, i don't peak for anybody but myself. my point is we need to remind people that there are three things the small business person and where is the spending cut? >> one last one, the gop will be claimed if all of the tax carts experbecaus
's what we know right now. we have just 20 days left for the obama administration and house speaker boehner's office to reach a deal on the fiscal cliff. while talks continue privately between both, no public details of progression toward the compromise have been released. in the last hour, our guest, tony fratto who is the former press secretary and jerry bernstein agreed that we would likely get some sort of a deal, just perhaps not in a form that was widely expected. joining us right now is the first of many lawmakers we'll be speaking with today, texas congressman jeb hensarling who is also the incoming chairman of the house financial services committee. and mr. chairman, first of all, congratulations. >> thank you. good morning. >> good morning. thanks for being with us today. >> happy to do it. >> we hear all of this talk, we hear all the talk that's been leading up to this point. we know it's gone a little quieter at this point. maybe that's a good thing. i also know you've been pretty firm about this. you've said that elections do have consequences. the president is getting
, after president obama and house speaker john boehner both were tight-lipped how the negotiations went. the co-founder of the fix the debt campaign, he was asked about the chances of striking a deal to avoid the cliff. >> it's probably more like a 40% chance we'll actually get it done before the end of the year. probably 25% chance we'll get it done right after the end of the year. and then there's that horrible 35% chance that we'll still go over the cliff and have pure chaos. but i think the chances of getting it done now are better. i think that's what's key. >> be sure to tune in tomorrow for the fiscal cliff coverage live from washington. mission critical, rise above d.c., all day long. becky quick, jim cramer, maria bartiromo holding their feet to the fire about where they stand on the fiscal cliff and how they'll do their part to rise above partisan politics and reach a deal. now, there are some bowles comments. 40%, yeah, but the odds are much better. they're still 35% chance it will not happen. it's not exactly confidence building. >> not necessarily confidence building. alway
closer to the edge of the fiscal cliff, every move is being magnified by the markets. president obama and house speaker john boehner spoke by phone on tuesday, exchanging new proposals. the president gave boehner a revised offer on monday, reducing his demand for new tax revenue from $1.6 trillion to $1.4 trillion over ten years. boehner responded with a plan that largely sticks to his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal. that hasn't been done before. in an exclusive interview with barbara walters of abc news, president obama says he still expects a deal before the end of the year. >> i remain optimistic that there are enough people of goodwill in this town that recognize our economy will be much better off. american families will be much better off if we get this done. the most important thing we can do is make sure that middle-class taxes do not go up on january 1. and i'm pretty confident that republicans would not hold middle-class taxes hostage to try to protect tax cuts for
is chase bolger, michigan speaker of the house. what is president obama doing? he did this in wisconsin and got whooped. is he going to get whooped here? >> good evening, larry. he did come, weighed in and he disagrees with us. that's okay. we disagree with him. >> what's wrong with a worker choice, paycheck protection? why is it controversial? >> you asked the right question. it's all about workers. that's our focus. it's about the foworkers of michigan. they work hard to provide for their families and grow our great state. it's clear they are focused on politics. we're focused on the hard-working men and women who make our state so great. >> what i gather from news reports -- tell me if this isn't right. the teachers union is boycotting and starting to close schools tomorrow in protest. that sort of thing happens, they ought to get fired. first of all, is it true? are they going to boycott school days and hurt the kids? >> we are seeing kids closed because teachers are calling in. it's unfortunate. they need to put kids first. we need to put our future first. that's what the law does.
payments. >>> now to the really big financial story, the fiscal cliff. house speaker john boehner says president obama has wasted another week by not making a real proposal. meanwhile, republicans are divided and senator rand paul on this show last night may have made the most constructive proposal of all. >> i'm happy not to filibuster it. i will announce tonight on your show i will work with harry reid to let him pass his big old tax hike with a simple majority if that's what harry reid wants. then they will be the party of high taxes and they can own it. >> all right. without that kind of republican strategic retreat, the december 31st deadline is not likely to be met. in today's jobs report it was positive and it beat the street and stocks went up. how do we move 150,000 jobs per month up to 300,000 which would be a real recovery? first up breaking news out of the supreme court this afternoon, the nation's highest court agreed to take up the explosive issue of same-sex marriage, agreeing to hear challenges to the federal defense of marriage act and california's proposition 8. nbc's
had good sessions with republican leadership, democratic leaderships and with president obama in the white house. nobody over there wants to go over the cliff at this time, there's nothing that wants to do it. >> once we get over it, we hope it's a bridge to something that will help you and caterpillar compete better in the world. after the cliff, what do you want? is there any emphasis on corporate tax reform that we need or how to bring $2 trillion back to this country? aren't those things, did you talk about any of those or the cliff? >> we talked about all of those, long-term competitiveness for our country, immigration reform that needs to happen, and there's a lot of bipartisan support for corporate and personal tax reform next year and i know j.timmonds was on earlier. private factories in this country need more also. that's a hot topic right around the corner but it's important we get through the cliff, that government governors, we get leadership, get over the cliff and move to the next thing. i think everybody's talking about it. >> doug, let me ask you a question. i
we know is the democratic house leader nancy pelosi went down to the white house today for a one-on-one meeting with president barack obama. we don't know what they said, and we're in the era now of parsing every single word they do say publicly. nancy pelosi was out before cameras, although it's hard to get a lot of indication of what's going on with had statement. take a listen. >> the only obstacle standing in the way of middle income tax relief are the republicans unwillingness to ask the top 2% to pay their fair share. >> and if you listened carefully to speaker john boehner, he did say that there was no progress to report, but he may have been hinting a little bit of where there's some room for a deal here if the president will just meet him maybe not even halfway. listen to the speaker. >> there are a lot of things that are possible to put the revenue the president seeks on the table, but none of it's going to be possible. the president insists on his position, insists on my way or the highway. that's not the way to get to an agreement. >> so where are we now? i think we'r
. they're expected to sleep .1%. quite a lot to get to. president obama is speaking to the business council in washington at 10:45 eastern as he pushes for a budget plan to avoid the fiscal cliff, that includes high tax rates for the wealthy. house republicans are meeting with small business owners today. lawmakers are divided on how much they should compromise with the white house. this is a day after the house speaker john boehner unveiled a budget proposal that included some revenue concession but he faced heavy criticism. mitch mcconnell wouldn't publicly endorse boehner's plan, while jim demint says it would destroy jobs. at the same time, the kkr co-chairman and ceo henry kravis says uncertainty is the main reason why investing isn't happening right now. he says many companies are rushing to close deals before the end of the year, concerns about whether the capital gains tax will rise. he says the fiscal cliff shouldn't be a big issue, and if businessmen got into the room they could solve the problem much faster than congress. >>> adding his tuppence, he says they'll have to g
, that is tonight on nbc's rock center. 10:00 p.m. on your local nbc station. >>> meantime, house speaker boehner and president obama speaking on the phone last night about the fiscal cliff. there still seems to be a freeze in the negotiation. >> there's nothing going on privately that's not going on the publicly. >> they've got to come with some specific revenue. they have refused to do that. >> we need that consensual break through. >> although the president seems obsessed on raising taxes for you. >> that is a bad strategy for america, it's a bad strategy for your businesses and it is not a game that i will play. >> is the administration prepared too go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the wealthiest 2%. remember it's only 2%. >> with just 25 days to go, the political satandoff could cost the u.s. millions of jobs. professor, good to have you back, good morning. >> good to be here, thanks. >> good read in the journal yesterday from you and if anybody needed to worry about this more, you invoke carter, you
privately resumed before john boehner and the white house. the "wall street journal" says this breaks a new week long silence as that deadline looms. president obama and boehner spoke by phone on wednesday. they promised to renew the negotiations. several top executives have also weighed in on thursday. >> there's been some movement. everybody realizes there has to be a revenue component, spend component, entitlement reform component. >> patrick, where does it hang on now for you? clearly the president last decided there has to be tax rises for the wealthy. if the democratic side can come up with entitlement cuts, maybe we get a deal. >> i think this is pure political theater. this is a situation that was created 18 months ago in order for the politicians to get by the election. now they've done so. we still confront the same fiscal unsustainability here in the united states that's been evident to everybody for the the past five, six years. what we all recognize is we need more revenue, we needless spending, it's really a matter of a couple of adults getting in a room and figuring out how t
is what we know now. just a short while ago house speaker boehner said he's still waiting on a solid plan from president obama. >> i'm hopeful we can reach an agreement. this is a serious issue. there's a lot at stake. the person people sent us here to work together towards the best possible solution, and that means cutting spending. the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. >> meanwhile despite all of the back and forth, the market is seemingly optimistic today. at least some form of a deal will be released. we've been up 100 points on the dow industrials for the past hour. senator mark warner of virginia perhaps putting it best saying compared to the size of our economy the current proposals are relatively small and government should step up and get a deal done. >> we're joined by representative lee terry, republican from nebraska represents the district home to a guy we all know, warren buffett. >> pretty famous guy. >> we spoke to some folks already today. we're not hearing many details. wha
. speaker of the house john boehner said today that he is still waiting for a counterproposal now from the president of the united states. and we learned late this afternoon that in fact speaker boehner and president obama had a phone call today. we don't know, however, what was said in that call. but reports are that some progress is being made in these negotiations. at least conversations continuing behind the scenes between the top leaders, larry. >> all right. a phone call. that's pretty good progress. many thanks. so let's just ask a couple questions here. does president obama have the whip hand in all these negotiations, and are the republicans about to be blamed big-time for falling off their own fiscal cliff? joining me now is ace pollster scott rasmussen. i just did a little tv gig with scott, who's in about 60 cities across the country. all right, scott. you heard timothy geithner. he said if they don't raise taxes on the rich, they were going to go over the fiscal cliff. but at the end of the day, if we do fall over the fiscal cliff, if taxes go december 31st, will the repub
anybody out there. bill daley was the white house chief of staff under president obama during the debt ceiling negotiations last year. mr. daley, thank you very much for joining us this morning. >> thanks for having me. >> reporter: we were just trying to figure out what to make of this. all morning long we've been saying it's relatively good news that we haven't within hearing from the principalprincipals. what does it mean now that speaker boehner is going to be addressing the house at noon. >> i think it's a strong sign there is movement. i don't know that. i'm not on the inside. i don't know what's going on. i doubt the speaker is going to stand up and speak to the body and say nothing's happening and we're not going anywhere and just give a partisan speech. so i'm hopeful that that's what this means. i think it would be damaging to a process that has been basically as it was in '11, a pretty quiet going process kept in secret if all the sudden this becomes anything but that process. i think a very public negotiation does not help getting this done. in what is a relatively very sho
house in all their frequent communications with the white house that they need to tell the white house to start talking to house republicans. so ceos in the business community right in the middle of this negotiation. >> eamon javers, thank you. >>> john harwood has the latest on mr. obama's big meeting with some of those ceos. john? >> the other way the ceos are in the middle of this is the president appeared before the business roundtable today as part of his effort to continue rounding up support from various constituencies for what he calls a balanced approach. one of the things he pressed was a priority that the head of the business roundtable, john eng r engler, has suggested which is a longer term fix to the debt ceiling problem. remember that it was a catastrophic standoff in mid 2011 that caused the downgrade in u.s. credit. president said he's simply not going to negotiate in the negotiating process that results in the same kind of stand-off. here is the president. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to t
to be something to do with 10:00 a.m., right? >> for sure. for sure. in addition to that, the white house team is reporting that it is apparent the gop may not dig in over the fiscal cliff and we may delay the fight. president obama addresses the business roundtable and that could be critical. david has an exclusive interview with ken moelis. back to you guys. >> let's get six in 60. six stocks in 60 seconds. >> yesterday's news overshadowed by many things. a fantastic quarter. we knew it would be household formation buying on weakness. >> 17 straight. number of quarters where they beat it. this was a major miss. >> rbc does not like clf. this is again china. i don't like it either but china is coming back. >> naz 100 taking on facebook. >> money is an index to the naz 100. people paid for this in premarket. it was a mistake. >> citi thinks limited can do a special div. >> limited has a lot of cash. gap said no yesterday. hurt the stock. >> goldman starts utx neutral. great company. a slap in the face, carl. boom. slap in the face. >> you got that right. what's on "mad" tonight? >> i have been
we have now are for the negotiators to strike a deal and put that on the floor of the house and the senate. >> of course, last time, speaker boehner did a deal with obama. it was actually rejected by the rest of the gop, and the whole thing fell apart. how significant is it as boehner looks to make room amongst your party for a compromise that he's removed four outspoken cob serve tiffs from the high profile committees in the new congress? >> i don't know if that has much to do with the deal coming up, or threats to force people to make a deal. but he's got a difficult job, no doubt. but i think we all know, as republicans, there's going to be additional revenue, as much as any of us want to resist it. there's going to be additional revenue. the question really is, and the ball is really in the president's court, how much are we going to deal with the spending side. remember, if the president gets everything he wants, that's only about $82 billion in revenue next year. with a deficit of, what, $1.2 trillion. so it really is the spending that matters most right now. and that'
to owe voter i-owvert i. the best indicator of future behavior is past behavior. president obama twice before has made declarative statements about what he's not willing to do. and frankly, all we've heard from the white house is what they're not willing to do. so the president has signed the it tension of these rates in the past. i think the underreported story in all of this drama are senate democrats that are wringing their hands and avoiding eye contact. >> mcconnell would have produce the brought it up not just as an amendment. >> we're too busy today, forget it. >> they can't pass it in their own house. >> so here is the question. the operative question is does this administration really want to take to us $22 trillion? is that really where they want to go? because that's the pathway. and if they do, aren't we better to deal with this right now? this doesn't get any better the longer we wait. when you have the speaker saying we're willing to move, our movement is to put revenue on the table -- >> are you saying a bucket of crazy is better than the long term implications? >> that'
hope the federal government and president obama don't stand in the way of progress. >> we'll see what time brings. steve, thanks so much for your time. steve fox, marijuana policy project in washington. >> house speaker john boehner is to speak on the fiscal cliff negotiations in just a few minutes. we'll bring you those comments live as soon as he starts speaking. plus, former ohio governor ted strickland will join us. he says republicans are not acting in the best interest of the country when it comes to the fiscal cliff and explain exactly why he's saying that on cnbc. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's
Search Results 0 to 25 of about 26